Cocoa prices spiked to an all-time high right before Valentine's Day

Chocolate-makers and sellers have been raising prices to keep up with the skyrocketing costs of cocoa. (Hermann J. Knippertz/AP)

As Valentine's Day approaches, the price of cocoa has never been higher.

The cost of the key ingredient in chocolate has been grinding upward for over two years. In the past year, it has more than doubled. This month, it broke the all-time record from 1977, the year before Hershey introduced Reese's Pieces.